CANADA/EU/MEXICO/TARIFFS/TRADE DEALS/TRUMP AS PRESIDENT: “The Trump administration raised the prospect of a global trade war by imposing tariffs on imports from the closest U.S. neighbors and allies, who swiftly pledged to retaliate with duties of their own. President Donald Trump is pursuing an aggressive strategy to win economic concessions from neighbors and allies in an effort to cut the U.S. deficit in merchandise trade. The new tariffs—on steel and aluminum imports from Canada, Mexico and the European Union—come as the U.S. is studying global levies on autos and auto parts. The administration also plans tariffs on industrial supplies from China. Beijing has promised to retaliate with its own duties. Financial markets fell early on Thursday before partly recovering later, with the Dow Jones Industrial Average closing down 1% to 24415.84. The move follows months of U.S. threats to impose tariffs, part of a push to negotiate new trade terms. The Trump administration is negotiating with virtually all of its major trading partners around the globe, including with Mexico and Canada over the North American Free Trade Agreement.”
-William Mauldin, “U.S. Tariffs Prompt Anger, Retaliation From Trade Allies,” The Wall Street Journal, May 31, 2018 9:47 pm